We have access to more than 20 insurers

Freedom of choice to find the most suitable cover today.

Give us 10 minutes of your time, when it suits you, to talk to one of our brokers and get your best cyber insurance quote.

Schedule a callback Request a quote

Cyber Insurance

We have access to more than 20 insurers

Freedom of choice to find the most suitable cover today.

Give us 10 minutes of your time, when it suits you, to talk to one of our brokers and get your best cyber insurance quote.

Schedule a callback Request a quote

Cyber Insurance

Cyber Insurance helps protect your business against loss and damage to its reputation in the event of a cyberattack.

Cyberattacks can include online fraud, hacking, viruses, malware, ransomware and phishing. Cyber Insurance provides cover for any financial losses attributed to a cyberattack on your IT networks and systems, while also providing valuable assistance to manage and resolve a cyberattack on your business.

Cyber Insurance is an essential component of any business insurance package, particularly if IT systems, portals, apps, e-commerce and websites are part of your businesses operation.

Do you process card payment information or store sensitive and private customer details such as names, addresses and dates of birth?

Cyber insurance offers protection, risk management and financial support towards the costs of a data or privacy breach, such as retrieving data, getting your systems back up and running, forensic investigations, legal defence, Data Protection Commissioner correspondence and reimbursement of costs necessarily incurred.

 

What does Cyber Insurance cover?

Cyber risks typically fall into two categories: first-party and third-party liability.

First-party liability cyber insurance provides cover for your assets, including:

  • loss of data and/or intellectual property, damage to software, and repairs and replacements
  • business interruption cover for any network downtime
  • extortion, where a demand for money is made amid the threat of damage to your systems or distribution of data
  • crisis communication support to help protect your reputation
  • the costs of legally required notification of third parties about a security or privacy breach
  • any actions or investigations initiated by the regulator, and the costs of court attendance
  • fines for data or security breach, according to the insurer’s policy terms.

Request a Quote

Speed up your quotation by filling in our online cyber insurance questionnaire. Then request a call back and we’ll have prepared everything you need to know to choose the right coverage for your needs.

Other types of business insurance we offer…

Business Interruption and Extortion

With the importance of online operations to every business these days, business interruption due to cyber attack or network disruption can be very serious both in terms of lost revenue and disruption to work activities leading to direct loss of income.

 

 

 

 

Third-Party Liability Cover

It provides protection for your business, customers and other third parties impacted by a cyberattack on your business.

It will cover the cost of a breach in security and privacy, up to the limits of your policy schedule, the cost of investigating and defending a claim, and any damages awarded as a result of the breach. Third-Party Liability also covers the cost of  loss of customer data and compensation for those  denied access to software or systems as a direct result of the breach.

 

Payment / Funds Transfer Fraud

Payment / funds transfer fraud occurs when a criminal scammer tricks a victim into transferring money from their bank account to the control of the scammer, either directly or through a non-traceable route. Scammers may pose as a bank, a professional entity or an official body such as The Revenue Commissioners. 

 

 

 

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Meet the team

Benny Sheridan

INSURANCE BROKER

Miriam Sheridan

INSURANCE BROKER

Kelley Crowe

Insurance Broker

Cyber insurance gives you the opportunity to recover from a cyberattack and know your business is protected against reputational damage.

Furthermore, when you choose Sheridan Insurances as your cyber insurance partner, you can have peace-of-mind that our experienced brokers’ in-depth understanding of cyber risk will enable us to provide a tailored policy to suit the unique needs of your business.

Sheridan Insurances has more than 40 years’ experience helping businesses to protect their commercial and personal income and insurance needs. We have access to a wide selection of insurance providers that can offer you flexibility, choice and the best policy to suit your business.

Your benefits…

Cyber insurance from Sheridan Insurances comes with a variety of benefits such as:

We will take the time to understand your business operations and needs
Your financial risk could be significantly reduced
Our experienced team of brokers will research the market on your behalf
Your insurance will protect the viability of your business

Cyber Insurance FAQs

We want to make sure you know exactly what cyber insurance from Sheridan Insurances protects you for.
Take a look at our FAQs or talk to one of our brokers.

What is cyber insurance?

The word “cyber” relates to computers, technology, virtual reality and the internet. Cyberattacks refer to a range of different crimes including fraud, hacking, viruses, malware, ransomware and phishing. Cyber insurance provides businesses with protection against such attacks, where there is damage to systems and networks, a loss of data or intellectual property, and an impact on customers where the cyberattack has resulted in an economic loss, breach of their privacy, etc.

How prevalent are cyberattacks in Ireland?

The number of targeted cyber-attacks continue to grow at an alarming rate.  Successful cyberattacks on businesses can have a serious impact such as loss of IT services because of a breach, suffering financial loss or reporting a loss of operational services.

Does cyber insurance prevent a cyberattack?

Having cyber insurance will not remove the risk of a cyberattack but it will reduce the risk and exposure to your business in the event of one. Successful attacks on businesses can have a serious impact with many suffering a financial loss or reporting a loss of operational services. Data breaches, leaks and data losses can incur massive regulatory fines, the potential for suppliers or clients to launch legal action, and cause serious reputational damage.

Who should get cyber insurance?
There are certain categories of businesses that should consider investing in cyber insurance. This includes businesses that move money electronically between banks to customers or suppliers, and those businesses that store sensitive customer data, such as their name and address details, dates of birth and banking information. EU GDPR regulations that apply to Irish businesses are incredibly stringent and state it is the responsibility of the business to ensure they have adequate systems in place to protect their business against a cyberattack.
Do SME’s need cyber insurance?

Many SMEs haven’t considered cyber insurance because they haven’t thought about how a cyberattack would impact their business. For example, a small retail outlet will have insured their business against fire because it is a threat to their business they can visualise and see as a genuine risk to their bricks-and-mortar business that could not operate if the business burnt down. However, they probably haven’t considered the impact of a cyberattack on an online booking system, an email platform, or a spreadsheet of customer information. The fallout has the potential to result in crippling financial losses and legal ramifications to the business.

Corporate businesses have an advantage that SMEs don’t. They will have IT staff or partner firms that have the necessary skills to put security policies in place and regularly check that systems are secure. Sole traders and micro SME’s typically don’t have access to these specialised skills and can’t typically afford to implement them. They are extremely exposed and it is imperative that the owners of small businesses and their staff are cyber-aware.

Is my business at risk of a cyberattack?

If your business operates with computers, IT and network systems and the internet, you are at risk of a cyberattack. Consider the following questions to help evaluate your degree of risk.

  • Have you moved your data or some client data to the cloud?
  • Do you have an SSL cert on your website if using your website to complete financial transactions?
  • Have you analysed the risk that hybrid home working/office environments bring?
  • What systems, platforms, apps do you use on your laptop, phone, or computer to communicate with clients, suppliers, and staff, and are they secure?
  • Having considered key areas of exposure do you have the relevant procedural and technical controls in place?
  • When investing in new technology or platforms do you consider the security implications?
  • Have you reviewed cloud service security?
  • Do you have platform and cloud Service Level agreements in place with your suppliers?
  • Have you completed a digital security assessment and followed up with definitive answers to all your concerns?
  • Do employees use their own devices for work and if so have you thought about the potential risks and mitigations?
  • Are you communicating security awareness to staff and partners and ensuring they are fully engaged with your cybersecurity protocols?
What are some real-life examples of a cyberattack?

Perhaps the most relevant example are the thousands of fake shopping websites that are facilitating various purchase-related frauds. These websites sometimes masquerade as official or related sites from reputable and recognised brands. They trick people into sharing personal information and their credit or debit card information, which usually is then used for fraudulent purposes. Once the user shares this information, they may not receive the goods they purchased or could receive counterfeit goods in their place.

Another example is where fraudulent websites try to entice people to click a link. This link can trigger the download of malware. Malware is the collective term that describes malicious software. It’s not all about capturing an innocent victim’s credit card details, there are more sophisticated attacks that target large institutions such as banks, tech, and big pharmaceutical companies in an attempt to steal intellectual property.

How can cyberattacks on my home network affect my business?

Cybercriminals have no boundaries and don’t target physical locations such as a home or office. Instead, they target systems and will follow your data trail everywhere. This includes targeting shared home wi-fi networks where family members or housemates could stream content or play games from unsecured sites, unknowingly downloading content onto smartphones, tablets, laptops and other devices. The reality is that most home networks and wi-fi have become an extension of a person’s business network, making it vulnerable to cyberattacks that originate through the home.
How has the pandemic affected the risk of cyberattacks?

The pandemic has witnessed more businesses than ever migrating to digital platforms, with many forced to pivot to online platforms to enable customer online engagement and commerce. The alternative for these businesses is permanent closure. However, many don’t realise the risks associated with moving online and fail to put contingency plans in place. Instead, they rush the process of putting their business systems online and may not consider or know to ask certain security questions. Business owners must ask if they have the same security and control of their data on digital platforms, systems, and in general on the cloud, as they did prior to migrating online. GDPR places the onus on the business owner to ensure their systems are secure, so no one should ever assume they are secure and should seek an answer from their digital provider.

Do I need a cyberattack prevention strategy if I take cyber insurance?

The cyber insurance policy holder will normally be asked by their insurer to sign up to a statement of fact, confirming they have:

– anti-virus protection and a firewall already in place
– a back-up recovery procedure
– encrypted portable devices and phones
– an up-to-date disaster recovery application
– a patch management system on all software

Policy holders can be caught out under the “Conditions Precedent” in their policy terms.

Does business insurance protect my business against cybercrime?
No, it is highly unlikely that your business insurance policy provides you with sufficient cyber protection. That’s why it is important to take out a specific cyber and crime policy to protect your business. Without the correct level of cover, you may not be insured against cybercrime and face the real possibility of having to fund the costs of a cyberattack yourself.
What is a cyber excess layer?

As the cyber insurance market hardens, some insurance providers are restricting cover, increasing rates and reducing protection across the board. In addition to this hardening market, recent changes in contractual requirements and increasing regulatory obligations have seen the need for larger limits increase significantly. Sheridan Insurances can arrange a flexible excess to top up your primary insurance cover which helps to ensure your business is protected against the increasing likelihood of multiple cyber events during a single policy period.

What amount of coverage is available for cyber insurance?
Limits of up to €10 million are available for cyber insurance.
What is the relationship between cybercrime and GDPR?

The EU’s General Data Protection Regulation (GDPR) impacts every business throughout Europe, including Ireland.

One of the legislation’s key requirements is that any confidential data held about customers or suppliers must be processed in a manner that ensures an appropriate level of security. In the event of a cyberattack, the enforcement of GDPR can result in a business being fined up to €20 million or four per cent of turnover (whichever is the greater).

What should I do to comply with GDPR?

There are a number of steps you should take to comply with GDPR regulations:

  • allocate responsibility for cyber and data security and an IT security plan to an experienced manager within the business
  • ensure you are familiar with what steps to take in the event of a data breach, including notifying the Information Commissioner’s Office (ICO) within 72 hours (and where required any people that have been affected by the breach)
  • review whether any sensitive or confidential data you hold should be pseudonymised and encrypted

For a comprehensive list of compliance requirements, please visit the official EU GDPR site at https://gdpr.eu/compliance/.

How can cyber insurance support my business after a cyberattack?

In the wake of a cyberattack, cyber insurance will cover most of the costs associated with the cyberattack or data breach. In the first instance, an investigation will take place. Your insurer’s cybersecurity specialists will research the origin of the breach, what systems and data were compromised, identify who needs to be notified and how to communicate the breach, and determine what actions need to be put in place to fix the areas of risk. The specialists will also identify solutions for future risk mitigation. Your cyber insurance policy will help cover the costs of this investigation, including any costs associated with notifying the necessary authorities and affected person or persons, investigating the incident or incidents, putting in place measures to contain the damage, and recover any data that has been affected. It may cover or will assist towards any fines and legal costs. Your cyber insurance should cover the financial impact of the incident including but not limited to the loss of business, as well as regulatory fines.

How does cyber insurance help in a ransomware attack?

When a criminal or team of criminals demand compensation in return for decrypting and return your data, this is called a ransomware attack. If your business is the victim of a ransomware attack, your cyber insurance policy will provide access to a specialised team of cyber experts that will help trace and track down those responsible as well as try to recover your data on your behalf.

What should you do in the event of a cyberattack?
If you have been the victim of a cyberattack you should notify your IT company immediately, if they have not discovered it first. They will provide advice about the immediate security measures needed including notifying staff. You should alert your cyber insurance company straight away and they will guide you through the next steps. Once you have information about the kind of attack that occurred and any data that has been compromised, you should inform the Data Protection Commission and any regulatory bodies that you are legally obliged to notify.

It is important to act immediately in the event of a cyberattack because it will directly impact your indemnity period which has a maximum period of three months as part of any cyber insurance policy. The indemnity period is the specified period of time for which compensation is payable under your business interruption policy. This could mean the period during which the income of the business is affected by the cyber event or the reinstatement of services affected by the cyberattack. Your cyber insurance policy will provide further details.

How much does cyber insurance cost?

Cyber insurance doesn’t have to cost the earth and can start from a few hundred euros. The most important thing is to ensure that it covers the unique needs of your business. As with most insurance, there is a pre-qualification questionnaire; make sure the criteria match your needs and that you qualify for the cover by disclosing the necessary information at the beginning. The factors that will affect your premium are:

  • your occupation: some businesses or professions will attract a higher premium than others.
  • the nature of your business: the more sensitive and confidential data you hold about your customers and suppliers, the higher your cyber risk. For example, utility companies, doctors and hospitals will face a higher risk than other businesses and occupations such as a hardware supply shop.
  • the turnover of a business: the higher the turnover the higher your cyber risk.
  • the cover you require: you might be concerned with loss of revenue, damage to your systems and services, customer data loss and claims by third parties.
  • the amounts or limits on the cover you need.

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What our customers say...

James K.
James K.
1711655216
Excellent service provided by Audrey and Brian, and done in a very friendly and helpful manner.
Scott T.
Scott T.
1707225589
Excellent customer services from Stephen and everyone at this company!! 100%!
sindija S.
sindija S.
1693410355
Wonderful experience.Audrey very helpful and she provide excellent customer service.
Gerry H.
Gerry H.
1688593096
I recently had the privilege of dealing with Stephen in Sheridan Insurances regarding a complicated car insurance issue, (Well complicated for me). Stephen took the time to assess the situation, then spent an hour sorting through the various issues. He got me great cover at a fair price & made the experience seem so simple. All was done in a professional & friendly manner. I commend Stephen highly & the face to face interaction certainly beats the online quagmire frequently presented by most insurance companies.
Derek B.
Derek B.
1686751973
Dealt with Miriam in relation to my car insurance. Pleasure to deal with and great advice when insuring the car to bear in mind if I was going to add my daughter who was starting to drive as this could have an impact on her getting cover with particular insurers. Great service and advice
Dermot B.
Dermot B.
1685004982
We have worked with the Team at Sheridan Insurances for the past number of years on our Groups employees Health Insurance Scheme.Noeleen & her colleagues have provided a brilliant service giving clear and concise advice on a timely basis both to the company and on any employee queries that have arisen.
Mary S.
Mary S.
1684961878
Stephen helped me out with my first car insurance policy. He was great, made the process very easy, got me a good deal and was super friendly!
Fabulous service from Siobhan and the team in Sheridan Insurances. I am a client for a number of years and the services is always the same - perfect. A customer focused team.
Jean A.
Jean A.
1681485547
Excellent support, guidance and advice from the QFA, Audrey Jameson
Helen C.
Helen C.
1676397557
Thank you, Miriam, at Sheridan Insurance.  Being able to discuss my home insurance needs as an Holistic Therapist was so stress free and easy with you. Your attention to detail and professional way made the whole process so smooth.  Thank you for the human touch also, in taking the time to walk me through my policy.   Highly recommending your services and supporting your local business in Navan. Co Meath. Thank you, Miriam Sheridan and Sheridan Insurance. Helen Colgan
Richard L.
Richard L.
1675978984
Lifesavers – With 110% professionalism at all times, we were provided with much needed support and guidance under difficult circumstances, with a very tight deadline. Without the team in Sheridan Insurance’s diligence and effort, going the extra mile on more than one occasion, we can honestly say we wouldn’t have the secure future we can now look forward to. We would recommend Sheridan Insuances to anyone looking for any type of insurance. Hands down the best decision you'll make! Thank you Audrey, Brian and Niall. Richard & Maria Leonard
Fergal S.
Fergal S.
1666552611
An absolute pleasure to deal with, there is great communicators in Sheridan insurance, Brian Flanagan is an absolute gentleman. Will definitely be in contact with Sheridan insurance in the near future.
Pauline B.
Pauline B.
1654720862
Highly recommend this insurance company they have gone above and beyond to help me get my business insurance and at a great price.The staff couldn't have been any more helpful to me.Give them a call you wont be disappointed
Andrew S.
Andrew S.
1652453394
I used Sheridan Insurances in Cavan today and the service was absolutely first class. They were helpful, knowledgeable, professional and polite. I can highly recommend Sheridan Insurances.
Mary R.
Mary R.
1642105907
Well mannered and attended toWith ease and business done ..quickly
Eugene T.
Eugene T.
1536342515
Great gang in sheridans insurance very easy to deal with.. especially Tommy Brady top man when you need one..
Pip A.
Pip A.
1506949475
My name is Philip Sheridan Sides.I was buying a van on done deal when I saw the advert for Sheridan insurance. The playright Richard Brinsley Sheridan was one of my ancestors and that is where the Sheridan in my full name as we had the same name. \I rang the office for a quote and was put through to broker Kelly Crowe. My first premium was high as I had been with Dolman Insurance who specialise in Camper vans and my no claims on the camper van was not able to transfer. This is something I believe the insurance industry should change as it is unfair on camper van drivers who like myself at the tie use the vehicle as their only method of transport.This was seven years ago. I am a very busy free lance photographer, musician and I run an NGO called Whistles for Refugees.The NGO collects unwanted tents and sleeping bags at festivals, thus saving them from landfill thus turning this landfill into aid for the most vulnerable people on this planet fleeing the horrors of ISIS. Whistles for Refugees also brings whistles out to refugee camps, music is healing and the Irish tin whistle gives the opportunity for the refugees to learn and play Irish music with an instrument that is light portable, inexpensive to buy and relatively easy to learn.Sheridan Insurance are currently researching for an underwriter to provide public liability insurance for our NGO so that our volunteers are covered should they get pricked by a needle while cleaning out tents at festivals or any other risk involved in our work.Broker Kelly Crowe has been amazing at her job. From the very beginning Kelly was able to organise a quote, with my line of work and my bad luck with vehicles I am often having to rent replacement cars to make sure I get to my commissions safely and punctually. I am never 5 mins from getting my insurance transferred to keep my rental costs lower. I needed a copy of my no claims bonus to get insured on my partners camper van and this was emailed to me within 5 mins of my request, even though this was with a different firm!I also run a tour business bringing clients on adventures with sea kayaking and photography. Once again my broker was able to produce a policy that was affordable and organised with minimal fuss in minimal time.For quality, price and especially (what I believe is the most important in business) service, Sheridan insurance is second to none.I could not recommend Sheridan Insurance and my broker Kelly Crowe enough.
JP M.
JP M.
1495832320
We all hate shopping for insurance but the brokers at Sheridans do all the legwork for you and find the best deal and the cover you actually need - plus they are easy to deal with. You get assigned a broker and you can actually speak to a real human being. Great idea.
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